Investment banks will have to rely on a much more even split between their markets and advisory businesses for future revenues, according to the head of corporate and investment banking at Société Générale which today reported a third-quarter slump in sales and trading.

Revenues from equities at SG CIB were down 40% on the same quarter last year at €639m, while fixed income was down by 30% at €656m. Financing and advisory - which includes fees from mergers and acquisitions advice and underwriting equity and debt issuances - was up 14%, however, at €729.